{"id":546103,"date":"2023-08-08T01:00:18","date_gmt":"2023-08-08T01:00:18","guid":{"rendered":"https:\/\/uniquehot.com\/?p=546103"},"modified":"2023-08-07T18:11:35","modified_gmt":"2023-08-07T18:11:35","slug":"ygg-surged-580-before-crashing-whales-selling","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ygg-surged-580-before-crashing-whales-selling\/","title":{"rendered":"YGG Surged 580% Before Crashing, Why Are Whales Rapidly Selling?"},"content":{"rendered":"

The Yield Guild Games (YGG) token recently surged, rising by 580% in less than a week before crashing, as visible in the daily chart. YGG is currently changing hands at $0.37 with a market capitalization of over $101 million when writing on August 7.\u00a0<\/span><\/p>\n

Prices have since retraced from the $0.99 recorded earlier today as the token fell by over 60%. The recent spike and general volatility have seen trading volumes soar as trading activity is concentrated<\/a> on Binance and KuCoin.<\/span><\/p>\n

YGG Whales Dumping<\/span><\/h2>\n

Amidst the notable growth, there are reports of venture capital (VC) companies that initially backed the project, backing off and reportedly selling the token primarily on Binance. For instance, Lookonchain data on August 7 shows that Bitkraft Ventures and DWF Labs have moved their YGG to Binance and will likely sell.\u00a0<\/span><\/p>\n

Last year, DWF Labs\u00a0<\/span>received<\/span><\/a> 29.13 million YGG from Yield Guild Games Treasury. However, on-chain data shows that most of these tokens have since been moved to exchanges.\u00a0<\/span><\/p>\n

Related Reading: Shiba Inu Sees 10% Pullback, But Here\u2019s Why Rally Can Still Continue<\/a><\/div>\n

Bitkraft used Wintermute and FalconX to move coins to Binance. Trackers show that the official Wintermute Trading wallet has\u00a0<\/span>deposited<\/span><\/a> 11.1 million YGG to exchanges over the past four days. The crypto market maker still holds 2.5 million YGG.\u00a0<\/span><\/p>\n

\"YGG<\/a>
YGG price on August 7| Source: YGGUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n

Youbi Capital has also\u00a0<\/span>deposited<\/span><\/a> 1 million YGG to Binance. Currently, it holds 11.6 million YGG. Sfermion is also joining the selling bandwagon, which initially claimed 1.2 million YGG. It used FalconX, a provider serving crypto whales, to deposit the token to Binance.<\/span><\/p>\n

Partnership With Axie Infinity Developer<\/span><\/h2>\n

Yield Guild Games is a gaming guild primarily focusing on play-to-earn (P2E) blockchain games. As a community, the platform uses non-fungible tokens (NFTs) and has created a collaborative network of players and investors to navigate NFT gaming.\u00a0<\/span><\/p>\n

In mid-July, YGG\u00a0<\/span>partnered<\/span><\/a>\u00a0with Axie Infinity’s developer to release SUPERQUESTS. The feature, Yield Guild Games said, aims to enable guild members to engage in web3 games and earn enhanced in-game rewards. They added that this initiative was a significant step towards improving the web3 gaming experience for members.\u00a0\u00a0<\/span><\/p>\n

Related Reading: Ripple Is Now A Member Of Trade Organization That Hosts The Likes Of BlackRock<\/a><\/div>\n

Over the months, NFT, metaverse, and blockchain gaming activity have rapidly contracted as token asset prices fell throughout 2022. Furthermore, fears of regulatory crackdown appear to be discouraging developers. In June, the United States Securities and Exchange Commission (SEC) cited AXS by Axie Infinity as an example of unregistered security.<\/span><\/p>\n

Feature image from Canva, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"

The Yield Guild Games (YGG) token recently surged, rising by 580% in less than a week before crashing, as visible in the daily chart. YGG is currently changing hands at $0.37 with a market capitalization of over $101 million when writing on August 7.\u00a0 Prices have since retraced from the $0.99 recorded earlier today as the token fell by over 60%. The recent spike and general volatility have seen trading volumes soar as trading activity is concentrated on Binance and KuCoin. YGG Whales Dumping Amidst the notable growth, there are reports of venture capital (VC) companies that initially backed the project, backing off and reportedly selling the token primarily on Binance. For instance, Lookonchain data on August 7 shows that Bitkraft Ventures and DWF Labs have moved their YGG to Binance and will likely sell.\u00a0 Last year, DWF Labs\u00a0received 29.13 million YGG from Yield Guild Games Treasury. However, on-chain data shows that most of these tokens have since been moved to exchanges.\u00a0 Related Reading: Shiba Inu Sees 10% Pullback, But Here\u2019s Why Rally Can Still Continue Bitkraft used Wintermute and FalconX to move coins to Binance. Trackers show that the official Wintermute Trading wallet has\u00a0deposited 11.1 million YGG to exchanges over the past four days. The crypto market maker still holds 2.5 million YGG.\u00a0 Youbi Capital has also\u00a0deposited 1 million YGG to Binance. Currently, it holds 11.6 million YGG. Sfermion is also joining the selling bandwagon, which initially claimed 1.2 million YGG. It used FalconX, a provider serving crypto whales, to deposit the token to Binance. Partnership With Axie Infinity Developer Yield Guild Games is a gaming guild primarily focusing on play-to-earn (P2E) blockchain games. As a community, the platform uses non-fungible tokens (NFTs) and has created a collaborative network of players and investors to navigate NFT gaming.\u00a0 In mid-July, YGG\u00a0partnered\u00a0with Axie Infinity’s developer to release SUPERQUESTS. The feature, Yield Guild Games said, aims to enable guild members to engage in web3 games and earn enhanced in-game rewards. They added that this initiative was a significant step towards improving the web3 gaming experience for members.\u00a0\u00a0 Related Reading: Ripple Is Now A Member Of Trade Organization That Hosts The Likes Of BlackRock Over the months, NFT, metaverse, and blockchain gaming activity have rapidly contracted as token asset prices fell throughout 2022. Furthermore, fears of regulatory crackdown appear to be discouraging developers. In June, the United States Securities and Exchange Commission (SEC) cited AXS by Axie Infinity as an example of unregistered security. Feature image from Canva, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":546104,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[83848,83875,89057,89055,89056],"class_list":["post-546103","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-axie-infinity","tag-axs","tag-venture-capitals","tag-ygg","tag-yield-guild-games"],"acf":[],"yoast_head":"\nYGG Surged 580% Before Crashing, Why Are Whales Rapidly Selling?<\/title>\n<meta name=\"description\" content=\"The Yield Guild Games (YGG) token recently surged, rising by 580% in less than a week, before cooling off, as visible in the daily chart.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.","sameAs":["https:\/\/www.linkedin.com\/in\/dalmas-ngetich-40a67a147\/","https:\/\/x.com\/Dalmas_Ngetich"],"url":"https:\/\/uniquehot.com\/author\/dalmasngetich\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"YGG Surged 580% Before Crashing, Why Are Whales Rapidly Selling?","url":"http:\/\/uniquehot.com\/news\/ygg-surged-580-before-crashing-whales-selling\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/ygg-surged-580-before-crashing-whales-selling\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/08\/YGG-Binance-Crypto-Whales.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/08\/YGG-Binance-Crypto-Whales.jpg?fit=1380%2C780"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Dalmas Ngetich"}],"creator":["Dalmas Ngetich"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["axie infinity","axs","venture capitals","ygg","yield guild games"],"dateCreated":"2023-08-08T01:00:18Z","datePublished":"2023-08-08T01:00:18Z","dateModified":"2023-08-08T01:00:18Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"YGG Surged 580% Before Crashing, Why Are Whales Rapidly Selling?\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/ygg-surged-580-before-crashing-whales-selling\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/ygg-surged-580-before-crashing-whales-selling\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/YGG-Binance-Crypto-Whales.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/YGG-Binance-Crypto-Whales.jpg?fit=1380%2C780\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Dalmas Ngetich\"}],\"creator\":[\"Dalmas Ngetich\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"axie infinity\",\"axs\",\"venture capitals\",\"ygg\",\"yield guild games\"],\"dateCreated\":\"2023-08-08T01:00:18Z\",\"datePublished\":\"2023-08-08T01:00:18Z\",\"dateModified\":\"2023-08-08T01:00:18Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/08\/YGG-Binance-Crypto-Whales.jpg?fit=1380%2C780","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/546103"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/384"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=546103"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/546103\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/546104"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=546103"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=546103"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=546103"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}